3. On February 1, 2019, Tak Co. purchased a land and building for 10,000,000 as a factory site. The old building was unusable and demolished. Construction began on a new building which was completed on November, 2024. The fair value of the land and old building were 9,500,000 and 500,000, respectively. Additional costs incurred are: Demolition of old building P 500,000 Proceeds from sale of salvaged materials 80,000 Architect's fees 250,000 Legal fees for title investigation and purchase contract 50,000 Income earned on a vacant space rented as parking lot during conctruction 15.000

3. On February 1, 2019, Tak Co. purchased a land and building for 10,000,000 as a factory site. The old building was unusable and demolished. Construction began on a new building which was completed on November, 2024. The fair value of the land and old building were 9,500,000 and 500,000, respectively. Additional costs incurred are: Demolition of old building P 500,000 Proceeds from sale of salvaged materials 80,000 Architect's fees 250,000 Legal fees for title investigation and purchase contract 50,000 Income earned on a vacant space rented as parking lot during conctruction 15.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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